Market Commentary and Intraday News
News Summary: HSBC provision hits 1st-half results
292 days ago
By The Associated Press
THE NEWS: HSBC PLC took a $700 million hit during its latest quarter to cover the cost of U.S. penalties for book keeping lapses, including its failure to enforce money-laundering controls in Mexico.
THE MEA CULPA: HSBC's chairman and CEO both apologized for the money-laundering infractions, saying new processes and standards are being enforced in all of the bank's global operations.
THE NUMBERS: Europe's biggest bank also reported an 11 percent increase in pretax profit in the first half of the year following $4.3 billion in gains from asset sales. For the six months ended June 30, the bank made a pretax profit of $12.7 billion, up from $11.5 billion a year earlier.
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